What Are the 2022, 2023, 2024, 2025, and 2026 401(k) Contribution Limits?

If you're contributing to a 401(k) plan, it's important to know the annual contribution limits. The IRS adjusts these limits periodically for inflation, which may allow you to save more for retirement each year.

In addition to 401(k) limits, many taxpayers also contribute to an Individual Retirement Account (IRA). While both help you save for retirement, they have separate contribution limits and rules.

2026 Tax Year Contribution Limits

For tax year 2026, the elective deferral limit for a 401(k) increased to $24,000.

IRA contribution limits remain:

• $7,500 if you're under age 50
• $8,600 if you're age 50 or older (includes the catch-up contribution)

Keep in mind that 401(k) and IRA contribution limits are separate. Contributing to one does not reduce the amount you may be able to contribute to the other, provided you meet all eligibility requirements.

2025 Tax Year Contribution Limits

For tax year 2025, the elective deferral limit for a 401(k) is $23,500.

IRA contribution limits are:

• $7,000 if you're under age 50
• $8,000 if you're age 50 or older

The IRA catch-up contribution remains $1,000.

2024 Tax Year Contribution Limits

For tax year 2024, the elective deferral limit for a 401(k) is $23,000.

IRA contribution limits are:

• $7,000 if you're under age 50
• $8,000 if you're age 50 or older

Under SECURE 2.0, the IRA catch-up contribution is eligible for future cost-of-living adjustments, although it remained $1,000 for 2024.

2023 Tax Year Contribution Limits

For tax year 2023, the elective deferral limit for a 401(k) is $22,500.

IRA contribution limits are:

• $6,500 if you're under age 50
• $7,500 if you're age 50 or older

The IRA catch-up contribution remained $1,000.

2022 Tax Year Contribution Limits

For tax year 2022, the elective deferral limit for a 401(k) was $20,500.

IRA contribution limits were:

• $6,000 if you're under age 50
• $7,000 if you're age 50 or older

The IRA catch-up contribution remained $1,000.